Akcea Therapeutics Inc (AKCA) Sees Large Increase in Short Interest

Akcea Therapeutics Inc (NASDAQ:AKCA) was the target of a significant increase in short interest in January. As of January 31st, there was short interest totalling 5,141,576 shares, an increase of 34.6% from the January 12th total of 3,819,994 shares. Currently, 34.7% of the company’s stock are short sold. Based on an average trading volume of 294,283 shares, the short-interest ratio is presently 17.5 days.

Shares of Akcea Therapeutics (AKCA) traded down $0.06 during trading hours on Friday, hitting $21.49. The company had a trading volume of 152,941 shares, compared to its average volume of 279,069. Akcea Therapeutics has a twelve month low of $8.10 and a twelve month high of $31.23.

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Akcea Therapeutics (NASDAQ:AKCA) last announced its quarterly earnings data on Monday, November 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.03. analysts predict that Akcea Therapeutics will post -2.46 EPS for the current year.

Large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund purchased a new stake in shares of Akcea Therapeutics during the third quarter worth $810,000. California State Teachers Retirement System acquired a new position in Akcea Therapeutics during the third quarter worth $672,000. American International Group Inc. acquired a new position in Akcea Therapeutics during the third quarter worth $275,000. Bank of New York Mellon Corp acquired a new position in Akcea Therapeutics during the third quarter worth $1,413,000. Finally, Granahan Investment Management Inc. MA acquired a new position in Akcea Therapeutics during the third quarter worth $8,528,000. Institutional investors and hedge funds own 26.07% of the company’s stock.

Several analysts recently issued reports on AKCA shares. Zacks Investment Research upgraded Akcea Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 price objective (up from $19.00) on shares of Akcea Therapeutics in a report on Tuesday, November 7th. BidaskClub lowered Akcea Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, December 30th. Finally, Cowen reiterated a “buy” rating on shares of Akcea Therapeutics in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Akcea Therapeutics currently has an average rating of “Buy” and a consensus price target of $22.75.

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About Akcea Therapeutics

Akcea Therapeutics, Inc is a biopharmaceutical company. The Company is focused on developing and commercializing drugs to treat patients with serious cardiometabolic diseases caused by lipid disorders. The Company’s drugs, volanesorsen, AKCEA-APO(a)-LRx, AKCEA-ANGPTL3-LRx and AKCEA-APOCIII-LRx, are all based on antisense technology developed by Ionis Pharmaceuticals, Inc (Ionis).